OPS: Finance Minister Nirmala Sitharaman will present the interim budget in February. According to sources, it may submit status report on the National Pension System (NPS). Last April, the central government had formed a committee to review the NPS under the leadership of Finance Secretary TV Somanathan. This committee can submit its report by the end of this month.

Some changes in the NPS rules have been discussed in the committee meetings. But it is not in favor of restoring the old pension system. Government employees are demanding withdrawal of the old pension system. Many states have re-implemented it. There is also pressure to implement it again in the election year.

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Sources say. That the government can take opinion from the public before taking action on the committee's report. An official told ET that work on the report is underway. The focus of this report will be to improve the NPS. This will address the concerns of pensioners. The report will need to be revised considering the fiscal impact. Later it will be presented for public suggestion. The central government had constituted this committee of NPs last April to address the concerns of government employees.

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RBI protested: NPS became applicable for all central employees from January 1, 2004. The Pension Fund Regulatory and Development Authority said all states except Tamil Nadu and West Bengal have implemented NPS for their employees. Last year, Rajasthan, Chhattisgarh and Himachal Pradesh had decided to restart the old pension scheme.

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Under this system, government employees get 50 percent of their last salary as pension. The central government says. That OPS puts a huge burden on the government exchequer. Therefore it was removed. RBI and many renowned economists are against restoring OPS. they feel. That this step will spoil the economy of the states.

Superfast News Coverage By YuvaPatrkaar.com Team

Publish Date: January 11, 2024

Posted By Sunil

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